361–370 of 450 posts
I don’t expect this to have a lot of volume from the start, but it’s important that payment platforms like Stripe start accepting cryptocurrency so this can get bigger.
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It's just bizarre. You end up paying your cut twice: once to convert it into crypto (paying the exact same card fees you'd pay for a direct card payment), and then once again to pay someone like Stripe for this. For either a business owner or a customer, that's a loss - increased infrastructure fees just to do business. It's the opposite of the crypto dream. But that's not Stripe's fault; it's Bitcoin's, for not crea…
I think this is exactly right. The implementation of the technology has necessitated all of these different layers, each of which create new opportunities to take a cut. Many of the crypto businesses in the ecosystem talk about removing financial friction and control, but it seems they are only interested in introducing their own versions of them, and building their own little Wall Street while they can still get in…
a feeless public ledger seems unlikely to ever work at scale; it would immediately be polluted by spam.
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> disproportionate levels of credit card fraud involved in anything to do with crypto I'm really curious what your source is for this. Anyone legit in crypto who's taking fiat is doing way more KYC than your average ecommerce store.
That’s way a huge amount of NFT’s don’t end up as rug pulls and scams right?
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This is a solved problem: you pay them for their work, which is how artists have made money since time immemorial. The degree to which artists can make a living off their art is a function of demand and discoverability, not whether they have a payment system (they do need this, but they already have them). I'd be curious to know what fraction of NFT enthusiasts had previously commissioned a piece of art, and of those…
It was never a solved problem, it was an addressed problem. And the method of address poorly allocated credit. Maintaining records for art transactions, and thus enacting a fee structure that would benefit the artist when art is traded, traditionally meant introducing a middleman - and the associated overheads are why "fine arts" are known as a gatekept world and commissions have become the default for digital art. A…
Commissioning art is one of _many_ ways you can do this. Non-commissioned works are readily available too! I also purchase those! Some of these are one of a limited set (common for photo prints), some of these aren't (Bandcamp albums). Point being, if you were someone who wanted to buy art before NFTs, you could do so. I'm skeptical of there being some large market segment that desperately wanted to buy art but only realized they could with the advent of NFTs.
The royalty business model also already existed, where it made sense. There's no contract governing me reselling the painting I bought from someone at the local farmer's market because there wasn't any expectation on either my or the artist's part that it'd be resold at all, much less for a sum vastly greater than its purchase price. It's going to hang on my wall until I die, at which point it'll likely get tossed in a bin.
That's in contrast to say, a film score, where the expectation is that it will be resold (as part of your theater ticket price, but whatever) many times over: ASCAP exists, and handles paying the IP lawyers on behalf of its members, because that's a business model that works for them. They've been managing this just fine for over a century.
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"Offering a product is not evil or immoral" - this is the motto of my "Heroin for kids" brand. Selling a ponzi scheme may not be illegal, but it seems plausibly immoral.
Yeah, but in this case Stripe is one step removed morally as well. I don't see this as materially different from them being a payment processor for an online liquor store or a pyramid seller like LuLaRoe. You could say that a payment processor should morally screen their clients in general, but that seems like a stronger and not-so-reasonable statement. They do prohibit certain kinds of businesses, but I think the ba…
This is unrelated to the specific story, but as more and more companies and people I respect get involved with it, the more I realize I need to have a working knowledge of Crypto Currency so at the very least I can be involved in the discussion. Does anyone have any good resources for learning the building blocks/vocabulary of Crypto Currency?
This is the highest signal list I'm aware of on the topic: https://danromero.org/crypto-reading/ For a book with more in the weeds details: https://www.amazon.com/Bitcoin-Cryptocurrency-Technologies-C...
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The fraud I describe makes it a shit way of supporting artist. As for digital only artist, there are plenty of non-NFT ways to support them. Commissions, Patreon, and merch to name a few.
Have fun living and getting ahead off some $30 tshirt sales / supporting the artists you like that way
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My interest in web3 + art is from finding new livable income sources for artists generally. Less about big money speculation, more about getting more artists supported such that they don’t need a day job or purely commercial art pursuits (as opposed to “fine art”). I understand the current state of crypto isn’t near offering this outside of hyped speculative investments I’m also not interested in ideas on a shelf tha…
This is a solved problem: you pay them for their work, which is how artists have made money since time immemorial. The degree to which artists can make a living off their art is a function of demand and discoverability, not whether they have a payment system (they do need this, but they already have them). I'd be curious to know what fraction of NFT enthusiasts had previously commissioned a piece of art, and of those…
The main complaint I hear from actual commission-taking artists is that even something fun and innocuous but potentially readable as suggesting banned uses, like "fuck yeah," in the comment field on the paying side will make PayPal suspend your account. The artists I know are universally opposed to NFTs with more artists I know of coming out against every time a new NFT site launches with stolen art.
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I only had a EC card, but now have a credit card as well. (all those different standards are a bit annoying)
By choosing to only have an EC card you’re making a deliberate choice to make your life difficult by using an incredibly obscure method of payment, no? You can hardly expect those to work even in other EU countries, much less with an US based online business. Almost everybody else in the world has a visa or a mastercard (or unionpay)
That was the standard normal card, I had ever since with that account - which is what all the people around me have - but it does work all across europe, in every shop I went.
Paypal is fine with it, so is coinbase. And every other online service I used.
(while backpacking international, I indeed had a credit card at that time)
So I recently only got a credit card(again), to be able to use Stripe. But most won't bother to do this, unless they have to.
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Yes, the Stripe Crypto team started six months ago and the first step was to tune our fiat payment APIs to work with exchanges, on-ramps, and NFT marketplaces. Working on lots more, so stay tuned for more announcements very soon!
I would love to know how often real-world money is referred to as "fiat" inside Stripe.
The search trend, https://trends.google.com/trends/explore?date=all&q=Fiat%20M..., seems to be relative stable since start of collecting trend data (2004), with slightly increasing volume as we get closer to today, but generally stable.
More information: https://www.investopedia.com/terms/f/fiatmoney.asp